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EuroCham, EdC take anti-corruption pledge

EuroCham, EdC take anti-corruption pledge

Continuing its efforts to address corruption issues in Cambodia, the Anti-Corruption Unit signed memorandums of understanding on Friday with a public sector company and a business association, pledging to work with these entities to prevent the use of corrupt practices in business dealings.

The MoUs, signed with state-owned energy provider Electricite du Cambodge (EdC) and the European Chamber of Commerce, takes the Anti-Corruption Unit’s MoU tally to 20 local and international businesses.

“This MoU between EdC and ACU is to prove to the world that doing business in Cambodia can be transparent and without taking bribes,” said Om Yentieng, president of the Anti-Corruption Unit (ACU).

While EdC’s agreement will look into purchasing activities and ensure they are lawful, the European Chamber of Commerce, or EuroCham, will work with its members to ensure no bribes are paid and report to the ACU any challenges in doing so – among other commitments.

Emmanuel Menanteau, chairman of EuroCham, said commitments made on Friday would encourage more European companies to invest in Cambodia.

“In short, the less corruption there will be in Cambodia, the more European investors will willingly join the market and contribute to economic growth, increased value added production, and overall development,” Menanteau said.

He added that while the EU was a major export destination for Cambodia’s garments and rice, it accounted for less than 5 per cent of the economic bloc’s investments.

Keo Ratanak, director general of EdC, said officials and staff at EdC are given an official list of charges and fees that they must follow.

“If they do not abide by this, then they will be in trouble with the law.”

As of last week, the ACU had signed MoUs with other major companies like Coca-Cola, insurance provider Prudential, garment manufacturer Pactics, rice miller Loran Group and airport concession firm Sajibumi.

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